Chemical giant Ineos has shut down its three largest plants in Britain

▪️The Ineos industrial group has announced the shutdown of three chemical plants in the UK—the last remaining global-scale acetylene production facilities in Europe—a key raw material used in the manufacture of products ranging from pharmaceuticals to defense industry goods, according to Bloomberg

▪️The decision comes amid a structural crisis in Europe’s chemical industry: demand has fallen, global overcapacity has driven down prices, and electricity costs have made production unprofitable

▪️“Gas prices are now 12 times higher than in the U.S. and eight times higher than in China, so we simply cannot compete. This is destroying Europe’s manufacturing base,” said Ineos founder Jim Ratcliffe

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